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Greenback stable around ¥102.50

JIJI

The dollar held steady around ¥102.50 throughout Friday in Tokyo trading, repeating only mild fluctuations amid Japan’s holiday season.

At 5 p.m., the dollar was quoted at ¥102.52-52, up from ¥102.47-47 at the same time on Thursday. The euro stood at $1.3376-3377, up from $1.3360-3360, and at ¥137.13-15, up from ¥136.90-91.

The U.S. currency drifted around ¥102.50 in early morning after wiping out losses in overseas trading Thursday, thanks to receding concerns about geopolitical developments in Ukraine and elsewhere, traders said.

On Friday, the dollar tracked Japanese stocks and moved only narrowly versus the yen in slow trading amid the holiday season, traders said.

The 15th day of a month usually sees an jump in trading tied to commercial transactions, mainly involving importers and exporters. But this month, such moves were not seen very much because many market participants were on vacation, traders said.

“Market participants find it difficult to move in favor of either the dollar or the yen, as they see factors encouraging both dollar bulls and bears,” a currency market broker said, pointing to higher U.S. equity prices and a drop in U.S. long-term interest rates.

Later on Friday, major U.S. economic indicators will be announced, including the country’s industrial output for July, business sentiment among New York State manufacturers for August and a Michigan University consumer sentiment survey for August.

“Many players hope to wait until they examine these indicators,” said an official at a foreign-affiliated brokerage house.